Consumer durable stocks were trading on upward trajectory higher during on Monday’s trading session, on account of GST Council decision to cut rates on a number of items.
The latest revision of Goods and Service Tax rates is probably to have a encouraging impact on a certain of sectors including electronic goods, paints and hospitality.
The significant rate cuts apparent in consumer goods including refrigerators, vacuum cleaners, lithium batteries, food processors, water heaters, grinders, mixers, water coolers, ice cream freezers, cosmetics, and so on.
Reacting to the news, the stock of white good manufacturers such as Blue Star, Bajaj Electricals, Voltas, Symphony, Whirlpool, Havells, Asian Paints, Kensai Neroloc and Berger Paints were trading higher upto 8 percent during the day.
During mid-noon hours of trade, the stock of Havells India was quoting Rs. 608 per share, up by 8.67%, Bajaj Electricals Ltd was at Rs. 576.10 per share, up by 5.98%, Mirc Electronics was at Rs 31.35 up by 4.85% and Whirlpool of India Ltd was at Rs. 1,575.00 per share, up by 3.16%, on BSE.
The GST rates applicable on paints were revised from 28% to 18% and in effect the stock of Asian Paints was at Rs.1,425.25, up by 2.03%, Kansai Nerolac Paints was at Rs. 485.00 up by 1.50% and Shalimar Paints was at Rs. 121.50, up by 4.65 on BSE.